The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) recently published its 2024 Annual Report, which provides information regarding transactions reviewed by CFIUS during 2024.[1] Key takeaways from the 2024 Annual Report are below.   

  • CFIUS noted that it is reviewing its processes, practices, and authorities pursuant to President Trump’s “America First Investment Policy” Memorandum.[2] CFIUS explained that this approach is aimed at ensuring CFIUS is positioned to address new and evolving threats while maintaining the United States’ strong, open investment environment.
  • CFIUS specified that for covered transactions involving agricultural land, agriculture biotechnology, or the agriculture industry, the Secretary of Agriculture participates as a member of the Committee. The Secretary of Agriculture’s participation in the Committee on an ad hoc basis began in 2024, and pursuant to a Memorandum of Understanding between the Agriculture and Treasury Departments (dated July 8, 2025), the U.S. Department of Agriculture is now a member of CFIUS for cases that involve “agricultural land, agriculture biotechnology, or the agriculture industry (including agricultural transportation, agricultural storage, and agricultural processing).”
  • 2024 saw a slight increase in short-form declarations and a slight decrease in full notices. During 2024, CFIUS reviewed 116 declarations and 209 notices, a slight fluctuation from 109 declarations and 233 notices during 2023, and down in general from 154 declarations and 286 notices during 2022. 
  • CFIUS cleared declarations at a higher rate. During 2024, CFIUS cleared 91 of the 116 declarations it reviewed, which is more than 78 percent. CFIUS cleared approximately 76 percent of declarations during 2023, 58 percent during 2022, and 73 percent during 2021.
    • CFIUS was unable to conclude action on seven declarations and requested full notice filings for 17 of the 116 declarations filed during 2024. One declaration was withdrawn.
    • Japan broke Canada’s four-year record in leading the number of investors filing declarations (16), followed by investors from Canada (11), France (9), the United Kingdom (9), Germany (8), and the United Arab Emirates (7).
  • The percentage of notices proceeding to the investigation period remained stable from 2023 to 2024. Of the 209 notices filed during 2024, 116 (approximately 55 percent) proceeded to the additional 45-day investigation period. This figure is similar to the percentage of notices that proceeded to the investigation period during 2023 (just below 55 percent).
  • CFIUS continues to provide comments on draft notices and accept formal written notices promptly. During 2024, CFIUS provided written comments on draft notices in less than seven business days and accepted formal notices in just under three business days after submission, on average. These figures represent a decrease from 2023 (by about two business days each).
  • The percentage of notices withdrawn decreased in 2024 compared to 2023. Of the 209 notices filed during 2024, 49 notices (23 percent) were withdrawn, compared to 24 percent during 2023 and 31 percent during 2022. Of those, 42 notices were refiled in either 2024 or 2025. Four transactions were abandoned after CFIUS either informed the parties that CFIUS was unable to identify mitigation measures that would address its national security concerns or CFIUS proposed mitigation measures that were unacceptable to the parties. Three of the withdrawn notices were abandoned by the parties for commercial reasons.
  • The percentage of cases for which mitigation was imposed decreased materially from 2023 to 2024. CFIUS sought to impose mitigation measures and conditions in connection with 25 cases (12 percent) during 2024, compared to 43 cases (18 percent) during 2023. Of those 25 cases, 16 resulted in CFIUS concluding action after entering into the mitigation agreements, while another 7 (i.e., the cases referenced in the preceding paragraph) resulted in abandonment of the transaction.
  • Two presidential decisions were issued regarding transactions that CFIUS reviewed during 2024. No presidential decisions were issued from 2021 to 2023.
    • On May 13, 2024, following completion of a CFIUS review process, President Biden ordered MineOne Partners Limited, an entity ultimately majority owned by Chinese nationals and entities, to divest real estate located within one mile of the Francis E. Warren Air Force Base in Wyoming. MineOne first acquired the real estate in 2022, but did not notify CFIUS of the acquisition at the time. 
    • On January 3, 2025, President Biden issued an executive order prohibiting the proposed acquisition of U.S. Steel by Japan-based Nippon Steel following a review of the proposed acquisition by CFIUS, although President Biden’s decision was ultimately reversed by President Trump in June 2025.[3]
  • There were more inquiries into non-notified transactions, but a lower share of inquiries led to requested filings. During 2024, CFIUS opened inquiries into 76 non-notified transactions, and of those, CFIUS requested filings for 12 transactions. The number of inquiries is an increase from 2023 (60 inquiries), which itself was a drop from 2022 (84 inquiries). The percentage of inquiries resulting in a requested filing decreased during 2024 to 16 percent, down from 21 percent during 2023 and up from 13 percent during 2022.
  • Chinese investors filed the most CFIUS notices during 2024. Investors from China filed 26 CFIUS notices during 2024, followed by investors from France (25), Japan (24), United Arab Emirates (21), Singapore (14), Canada (12), and Germany (12).

[1] Cleary’s summary of the CFIUS 2023 and 2022 Annual Reports can be found at: https://www.clearytradewatch.com/2024/08/cfius-releases-2023-annual-report-key-takeaways/ and https://www.clearytradewatch.com/2023/08/cfius-releases-2022-annual-report-key-takeaways/.

[2] We discussed President Trump’s “America First Investment Policy” Memorandum in a previous blog post, which can be found at https://www.clearytradewatch.com/2025/02/president-trump-issues-america-first-investment-policy-confirms-u-s-openness-to-foreign-investment-from-allies-and-partners-calls-for-enhanced-restrictions-on-investments-from-and/.

[3] We discussed President Biden’s presidential decisions in our previous blog posts, which can be found at: https://www.clearygottlieb.com/news-and-insights/publication-listing/president-biden-issues-order-requiring-chinese-owner-to-divest-cryptocurrency-mining-facility-near-us-military-base and https://www.clearygottlieb.com/news-and-insights/publication-listing/president-biden-issues-order-blocking-the-proposed-acquisition-of-united-states-steel-corporation-by-nippon-steel-corporation-and-the-parties-sue-for-a-new-review.